Wall Street Slips As Bank Earnings, Donald Trump Trade Comments Weigh

Wall Street Slips As Bank Earnings, Donald Trump Trade Comments Weigh

Wednesday, July 17, 2019
US stocks edged lower on Tuesday as quarterly results from banks added to concerns about lower interest rates dampening their profits, while comments from U.S. President Donald Trump on trade also dragged down Wall Street’s major indexes.

JPMorgan Chase & Co and Wells Fargo & Co beat quarterly profit estimates but reported weaker net interest income, pointing to rising deposit costs. Those results followed Citigroup Inc’s results on Monday, in which the bank reported a drop in its net interest margin.

JPMorgan shares erased early losses to end 1.1% higher. Wells Fargo shares, however, slipped 3.0% as the bank tempered its outlook for cutting costs.

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